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Year-to-date fixed asset investment was up 17.6%, missing expectations for an 18% rise.

This of course come on the back of slower credit growth, disappointing trade data, and producer prices that were down for the 25th straight quarter.

"Data released today displayed some moderate improvement in March, but the improvement is not big enough to deliver an around 7.5% growth target for the whole year," Bank of America's Ting Lu said in a note to clients.

"So we expect Beijing to implement its mini-stimulus—some small-scale growth supportive measures focusing on fiscal spending in social housing, urban infrastructure and central & western region infrastructure. Despite the falling M1 and M2 yoy growth, we believe the PBoC won’t cut RRR in the near term on low interbank rates."

In a previous note, Ting had attributed slower growth to Beijing's crackdown on pollution and corruption, and the "lagged impact of rising CNY and rates in 2H13 and government’s efforts in controlling local government debt and some shadow banking practice."

Investors are again beginning to worry about a Chinese hard landing, which is four straight quarter of below 5% growth.

China has set a growth target of 7.5% and economists think the government has a floor of 7%. China's Labor Ministry says 7.5% growth generates 10 million jobs and that growth below 7% could cause high unemployment.